If you are an accounting professional, you’re already gearing up to make the most out of this tax season and take your business beyond the onslaught of work. To do so you need to be equipped with the necessary support infrastructure. Equipping your home office with integrated payment workflows ensures that your billing is as professional as your tax software, reducing your “unbilled” time during peak season.
By turning to virtual credit card processing for accountants, you can bring your accounting operations to the next level. Here’s how virtual payment terminals can assist you in scaling your business.
Challenges accountants face when collecting payments
As a tax professional, you are a trusted advisor for your clients. Since conducting accounting services doesn’t always require your client to be present, you can often find yourself running after payments long after sorting their accounts for them.
Modern payment solutions such as virtual credit card processing for accountants can help resolve these payment issues in a very effective manner. Gone are the days when you had to endlessly call clients or physically visit them to collect payments for your hard work. With modern payment solutions, you can receive your fees quickly and painlessly.
To give you an idea of the options at your disposal, the following solutions can help you collect payments for your accounting services.
Mobile payment solutions. Modern solutions allow you to accept contactless payments directly on your smartphone—no extra card reader hardware required. You can use these services to bill customers during face-to-face meetings at any location.
Ecommerce payments. You can accept online payments through your website by connecting to internet payment gateways.
Virtual payment terminals. You can take payment information over the phone and process it through a secure gateway on your computer.
Depending upon the type and level of your operations, you can turn to any of these modern or virtual credit card processing for accountants to support your business.
However, while virtual terminals allow phone payments, the best practice is to send a secure, one-time payment link via SMS or email to keep sensitive data out of your home office environment.
5 tips for selling tax preparation services
Apart from learning about these payment solutions, it would be best if you kept a few tips in mind to take your operations to the next level.
Recurring payments
If you offer your services on a retainer, then setting up recurring payments is an excellent way to overcome long delays between payments. Shift from seasonal billing to monthly advisory subscriptions, providing you with year-round cash flow and the client with year-round tax strategy. You can set this system up via virtual and online payment systems, and bill your customers automatically.
One-time invoicing
Sending invoices or payment links right before you render your services is also an effective way to make sure that you get your payments on time. Implement upfront professional deposits or “pay-before-e-file” workflows to ensure you aren’t chasing fees after the tax return has been accepted by the IRS.
Over-the-phone payments
Virtual credit card processing for accountants can help you take over-the-phone payments with ease. This means that you don’t have to wait for clients to process payment links or visit your office to physically swipe their cards. You can take their information over the phone and charge them right from your home office.
Payment portal on your website
If you have a website, then you can integrate an internet payment gateway with a call to action solution such as a “Pay Invoice” portal. From there, you can easily accept online payments before you start working on your client’s accounts. You could also use a deposit-based engagement letter with an integrated payment request.
Pop-up professional consultations or community networking event
You can also set up as a vendor at business or networking conferences and at local community events targeting your best audience. At the event, you can process payments via mobile or virtual payment processor while also attracting new clients to your services.
Conclusion
The most effective tip for home-office pros is integrating your payments with your practice management software to automate the reconciliation of paid invoices, and Stax Connect can help.
Stax Connect specializes in deploying solutions for modern and virtual credit card processing for accountants. Whether you entertain walk-in clients or operate through a home office, our services can help you resolve all your payment issues with ease.
To learn more about our full range of payment solutions, and see how they can help your operations, feel free to reach out to us today.
Quick FAQs about selling tax preparation services
Q: How can virtual credit card processing benefit accountants?
Virtual credit card processing allows accountants to securely accept payments over the phone or online, ensuring faster and more reliable transactions. This modern payment method eliminates the hassle of chasing clients for payments and improves overall cash flow.
Q: What challenges do accountants face when collecting payments, and how can they overcome them?
Accountants often face delays and difficulties in receiving timely payments from clients. By adopting modern payment solutions such as recurring payments, one-time invoicing, and over-the-phone payments, accountants can mitigate these challenges and ensure more consistent cash flow.
Q: What are the advantages of integrating a “Pay Now” button on an accountant’s website?
A “Pay Now” button on a website allows accountants to accept payments directly through an internet payment gateway, facilitating immediate transactions. This feature enhances client convenience and can increase the likelihood of timely payments.
Q: How can accountants utilize community events to sell their tax preparation services?
By participating in business or networking conferences and local community events, accountants can set up as vendors and use mobile or virtual payment processors to attract and process payments from new clients on-site. This strategy not only helps in gaining new clients but also strengthens community presence.
Q: What role does recurring payments play in managing cash flow for accountants?
Recurring payments help accountants manage cash flow by ensuring regular income from clients who are billed automatically on a scheduled basis. This system reduces the administrative burden and helps maintain financial stability.
Q: Are there specific tools or software recommended for processing accountant payments?
Accountants can use tools like virtual payment terminals, mobile card readers, and ecommerce gateways, which integrate with existing accounting systems to streamline payment processing and data management.
